... accept-
ability of the core set of standards, and whether there appeared to be a sufficiently robust
compliance and enforcement mechanism to ensure that standards were consistently and rig-
orously ... differences and con-
verge on high-quality standards. This agreement set in motion short-term adjustments and
both standard setters subsequently issued a number of Exposure Drafts and final standards ...
financial statements and the reason why the entity is not regarded as a going concern.
28 Wiley IFRS 2010
APPENDIX A
CURRENT INTERNATIONALFINANCIALREPORTINGSTANDARDS
(IAS/IFRS) AND INTERPRETATIONS...
... preparation and understanding of financial
statements presented in accordance with IAS.
Table of Contents
Wiley IAS 2003 InterpretationandApplicationofInternational Accounting
Standards
Preface
Chapter ... preparation and understanding of financial
statements presented in accordance with IAS.
Table of Contents
Wiley IAS 2003 InterpretationandApplicationofInternational Accounting
Standards
Preface
Chapter ... preparation and understanding of financial
statements presented in accordance with IAS.
Table of Contents
Wiley IAS 2003 InterpretationandApplicationofInternational Accounting
Standards
Preface
Chapter...
... transparent, and
comparable information
• To promote the use and vigorous applicationof those standards
• To bring about convergence of national accounting standardsand inter-
national accounting standards ... scope and main requirements of
each current standard. InternationalFinancialReportingStandards (IFRSs)
are lengthy and complex. The Guide captures succinctly the key points of
each standard.
The ... understand the development, organization, and
method of working of the international accounting standard setters, the In-
ternational Accounting Standards Committee (IASC) and its successor, the
International...
... Accounting Standards Board. InternationalFinancial Reporting
Standards (IFRSs)—A Briefing for Chief Executives, Audit Committees,
and Boards of Directors. IASB, 2004.
———. InternationalFinancialReporting ... sets of statements: one using PRC standards, one
using international standards, and one using U.S. GAAP.
The MOF wants Chinese accounting standards to reflect the approach of
IFRSs to accounting and ... Accounting Standards Board (IASB) an-
nounced that future accounting standards would be called International Fi-
nancial ReportingStandards (IFRSs). Standards issued previously by the
International...
... Characteristics ofFinancial Statements
• The Elements ofFinancial Statements
• Recognition of the Elements ofFinancial Statements
• Measurement of the Elements ofFinancial Statements
• Concepts of Capital ... accounting
standard, and, if there is a conflict between the “Framework” and an Interna-
tional FinancialReporting Standard, the requirements of the standard pre-
vails. Where there is not a standard ... policies:
• Nature of the change in accounting policies
• Description of transitional provisions
• Details of the amount of adjustments
84 • Guide to InternationalFinancialReporting Standards
ccc_hussey_ias01_71-114.qxd...
... examples of the characteristics of such an economy, and
the application is a matter of judgment. Hyperinflation is indicated by charac-
128 • Guide to InternationalFinancialReporting Standards
ccc_hussey_ias02_115-178.qxd ... It is one of the fundamen-
136 • Guide to InternationalFinancialReporting Standards
ccc_hussey_ias02_115-178.qxd 2/16/05 12:30 PM Page 136
PROBLEM AND PURPOSE
The use and diversity of financial ... be informed of the combined financial position and perfor-
mance of all the individual companies in a group in order to make an in-
122 • Guide to InternationalFinancialReporting Standards
ccc_hussey_ias02_115-178.qxd...
... sheet.
• Assets and liabilities of a disposal group should be shown separately on
the balance sheet.
• Details of the nature of assets and the sale.
EXAMPLES OF RELATED NATIONAL STANDARDS
Australia: ... majority of the board of directors
• To cast the majority of votes
From the acquirer’s perspective, the costs of the business combination are
the sum of:
• The fair values, at the date of exchange, of ... arising from a bargain
purchase and the amount of discount should be recognized in the in-
come statement.
168 • Guide to InternationalFinancialReporting Standards
ccc_hussey_ias02_115-178.qxd...
...
reports that offer a more transparent picture of the firm’s economic condition.
•ReduceComplexityin Financial Reporting
Over the last several decades, the standardsof US GAAP and associated ... and
consider reporting under IFRS; and
• Members of theUnitedStateslegalsystem,includinglawyers,judges and
lawmakers, would need to work through a variety of tax issues and other
applications ... (IASB) adopted the first iteration ofInternational
Financial ReportingStandards (IFRS) to serve as a possible pathway for establish-
ing uniform global accounting standards. Since then, IFRS has...
... Accounting
Issued by the IASB:
• InternationalFinancialReportingStandards (IFRS)
• Interpretations originated from the InternationalFinancialReporting
Interpretations Committee (IFRIC) ... Both standards require entities to disclose the
composition of inventory in the financial statements.
Included costs
To determine cost, both standards include the costs of purchase, costs of ... learn IFRS?
International FinancialReporting Standards, commonly referred to as IFRS, are gaining
momentum as the global norm in financial reporting. Issued by the London-based
International...
... accounting standards.
Leaders of the Group of 20 (G20) called for
global accounting standardsand urged the
U.S. Financial Accounting Standards Board
(FASB) and the International Accounting
Standards ... an international accounting standard
setter under Rules 202 and 203 of the Code
of Professional Conduct. Appendix A to Rules
202 and 203 of the AICPA’s Code of Ethics
sets forth the standard ... its
predecessor body, the International Accounting Standards Committee. The IASB is responsible
for InternationalFinancialReportingStandards (IFRS).
The Securities and Exchange Commission...
... problem ofreportingfinancial data useful for readers in most of the countries and
languages is receiving considerable attention with the implementation of the new financial
reporting standards ... particularly relevant: definition of Small
and Medium sized Enterprises, users and user needs offinancial reports, accounting andfinancial
reporting standard for Small and Medium – sized Enterprises. ...
examination and research.” (Clare Roberts and Dr. Suki Sian - MICRO-ENTITY FINANCIAL
REPORTING: PERSPECTIVES OF PREPARERS AND USERS -Small and Medium Practices
Committee International Federation of...
... 32
General Methodology 33
Random Selection ofFinancial Accounting Standards 33
Coding ofFinancial Accounting Standardsand Comment Letters 37
Validity 42
Role of Researcher 43
Summary 43 ... contained a nonrandom
selection of one or two financial accounting standardsand as such, results could not be
generalized to the population offinancial accounting standards. The goals of this research ... analysis design
to two random and separate samples offinancial accounting standards, prior research on
how comment letters influenced the development offinancial accounting standards was
validated....